Sunlight is the best disinfectant

Expense account, Mint

here is a famous saying: you count hours and days, while the years just fly by. This looks certainly true of changes in the road rules around banking, insurance and mutual fund products in the year gone by in the world’s second fastest growing economy. It takes a sweeping look at the past 12 months to realize the magnitude of what just happened, whereas tracking each change as it happened was just one more story to be reported on. Now that the dust-up between regulators is over, at least for the time being, it’s a good time to take stock of the changes and what they mean for our money lives.

The year saw two major changes in banking as the regulator, the Reserve Bank of India (RBI), made significant changes to make our savings earn more and loans cost less. From 1 April, a new formula that calculates interest on money in the savings account has come into effect.